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Zipmex crypto exchange halts trading operations in Thailand

Press Releases Crypto News Crypto-News Zipmex crypto exchange halts trading operations in Thailand

Zipmex Exchange has decided to suspend all digital asset trading activities in Thailand until Jan. 31, 2024.

The decision, which took effect on Nov. 25, at 1:00 PM, was made in accordance with local regulations set by the Securities and Exchange Commission (SEC) of Thailand.

The decision to halt trading and depositing of assets was made to ensure compliance with the regulatory requirements established by the SEC Thailand. Customers who wish to withdraw funds or assets during this period are instructed to contact the exchange directly.

This suspension comes as Zipmex faces various challenges, including delays in customer payments, liquidity issues, and ongoing investigations by the SEC in Thailand.

In September 2022, the SEC filed a local police report against Zipmex, alleging noncompliance with local laws and accusing the exchange and its co-founder Akalarp Yimwilai of operating outside digital asset business regulations without permission from the SEC. The accusations included persuading customers to use Singapore-based Zipmex Pte.

Despite the suspension, customers can still withdraw; Thai baht and digital assets from their trade Wallet via the website and mobile application until Jan. 31, 2024. However, for digital assets categorized as ‘Trade Only,’ customers need to contact Customer Support for withdrawal.

On April 18, Zipmex faced delays in paying its customers as it aimed to maximize returns for customers. The exchange sought another extension to prolong the moratorium on its debt in Singapore, citing liquidity issues.

Simultaneously, on Jan. 10, Zipmex became the subject of a new investigation by the SEC of Thailand for violating new local regulations.

Subsequently, on Jan. 11, Zipmex was reportedly given a one-day deadline b

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Author: Ogwu Osaemezu Emmanuel

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